{ "format": "vercy-enterprise-allocation-fixtures/v1", "candidateName": "Investment", "cases": [ { "id": "instrument-replacement", "kind": "positive", "input": "Convertible note N becomes preferred shares after conversion.", "expect": "Investment identity persists while predecessor and successor positions retain lineage.", "target": "investment", "violates": null, "closesDefect": 22 }, { "id": "undrawn-commitment", "kind": "positive", "input": "An approved investment has a commitment but no funded position.", "expect": "The investment remains identifiable without inventing a holding.", "target": "investment", "violates": null, "closesDefect": 22 }, { "id": "portfolio-row-mints-investment", "kind": "negative", "input": "Every listed position automatically creates an Investment root.", "expect": "Creation is rejected without independent mandate and lifecycle.", "target": "investment", "violates": "Creation is rejected without independent mandate and lifecycle.", "closesDefect": 22, "expectedCode": "PORTFOLIO_ROW_MINTS_INVESTMENT" }, { "id": "commitment-is-position", "kind": "negative", "input": "An undrawn commitment is counted as current owned quantity.", "expect": "The assertion is rejected.", "target": "investment", "violates": "The assertion is rejected.", "closesDefect": 22, "expectedCode": "COMMITMENT_IS_POSITION" }, { "id": "valuation-is-holding", "kind": "negative", "input": "A valuation amount overwrites position quantity and cost.", "expect": "The substitution is rejected.", "target": "investment", "violates": "The substitution is rejected.", "closesDefect": 22, "expectedCode": "VALUATION_IS_HOLDING" }, { "id": "exit-deletes-history", "kind": "negative", "input": "Closing the final position deletes the investment record.", "expect": "Deletion is rejected; exited lineage remains resolvable.", "target": "investment", "violates": "Deletion is rejected; exited lineage remains resolvable.", "closesDefect": 22, "expectedCode": "EXIT_DELETES_HISTORY" }, { "id": "conversion-preserves-investment-identity", "target": "investment", "kind": "positive", "input": "INV-1's note position converts to preferred shares on 2026-08-15.", "expect": "INV-1's identity and revision history persist; a participation revision records the new instrument version and position references with effectiveFrom; prior revisions remain resolvable.", "violates": null, "closesDefect": 9 }, { "id": "investment-exited-exact", "target": "investment", "kind": "positive", "input": "Every position of INV-1 is derecognized on 2026-09-30 with no retained interest or obligation and the governance record open.", "expect": "Status is exactly exited; retained is not asserted; all revisions remain resolvable.", "violates": null, "closesDefect": 11 }, { "id": "investment-retained-exact", "target": "investment", "kind": "positive", "input": "Every position of INV-1 is derecognized on 2026-09-30 and an escrow and indemnity obligation remains outstanding.", "expect": "Status is exactly retained; exited is not asserted.", "violates": null, "closesDefect": 11 }, { "id": "investment-exited-and-retained", "target": "investment", "kind": "negative", "input": "INV-1 is recorded as both exited and retained at 2026-09-30.", "expect": "Rejected. The two states are mutually exclusive at any instant.", "violates": "Lifecycle state disjointness", "closesDefect": 11, "expectedCode": "INVESTMENT_EXITED_AND_RETAINED" }, { "id": "investment-partially-exited-exact", "target": "investment", "kind": "positive", "input": "One of INV-1's two positions is derecognized on 2026-09-30; the other remains outstanding.", "expect": "Status is exactly partially-exited.", "violates": null, "closesDefect": 11 }, { "id": "investment-closed-then-appended", "target": "investment", "kind": "negative", "input": "A participation revision is appended to INV-1 after status closed.", "expect": "Rejected. closed is terminal and reachable only from exited or retained.", "violates": "Terminal state", "closesDefect": 11, "expectedCode": "INVESTMENT_CLOSED_THEN_APPENDED" }, { "id": "mandate-inline-accepted", "target": "investment", "kind": "positive", "input": "INV-1 carries no mandateRef and an inline mandateAssertion with a WM-ORG-018 authority reference, mandate statement, effectiveFrom and evidence digest.", "expect": "Accepted while no mandate master is allocated, with the migration hold recorded.", "violates": null, "closesDefect": 12 }, { "id": "mandate-ref-unallocated", "target": "investment", "kind": "negative", "input": "INV-1 carries a mandateRef to a mandate master that is not allocated in this dossier.", "expect": "Rejected. A reference to an unallocated master is not satisfiable; inline mandateAssertion is required.", "violates": "No binding to unallocated masters", "closesDefect": 12, "expectedCode": "MANDATE_REF_UNALLOCATED" }, { "id": "exposure-subject-discriminated", "target": "investment", "kind": "positive", "input": "INV-2 is a direct real-asset participation with subjectKind underlying-asset.", "expect": "Accepted as identifiable with no security, register, custody account or investee organization fabricated; the unbound underlying-asset master hold is recorded.", "violates": null, "closesDefect": 13 }, { "id": "exposure-subject-undiscriminated", "target": "investment", "kind": "negative", "input": "INV-2 records a single subject reference with no subjectKind.", "expect": "Rejected. subjectKind is mandatory.", "violates": "Polymorphic reference requires a discriminator", "closesDefect": 13, "expectedCode": "EXPOSURE_SUBJECT_UNDISCRIMINATED" }, { "id": "exposure-read-as-investee", "target": "investment", "kind": "negative", "input": "INV-2's underlying-asset subject is entered into an organizational control or consolidation denominator.", "expect": "Rejected. Only subjectKind investee-organization with a WM-ORG-001 reference may participate in a relationship, control or consolidation assertion.", "violates": "No unsafe inference from exposure to organization", "closesDefect": 13, "expectedCode": "EXPOSURE_READ_AS_INVESTEE" }, { "id": "investment-restates-position-lineage", "target": "investment", "kind": "negative", "input": "A participation revision restates predecessor and successor position lineage with values differing from WM-ECO-038.", "expect": "Rejected. Investment masters only the effective-dated linkage set and never restates, derives or supersedes externally mastered lineage.", "violates": "Lineage remains externally mastered", "closesDefect": 14, "expectedCode": "INVESTMENT_RESTATES_POSITION_LINEAGE" }, { "id": "portfolio-membership-mints-investment", "target": "investment", "kind": "negative", "input": "A listed-equity portfolio row is used to create an Investment root with no mandate, stage or governed participation.", "expect": "Rejected. Portfolio membership is a grouping over holdings and never identifies an Investment.", "violates": "Participation identity requires governed mandate and lifecycle", "closesDefect": 22, "expectedCode": "PORTFOLIO_MEMBERSHIP_MINTS_INVESTMENT" } ], "canonicalPublishable": false, "holds": [ "Expectations are reviewable-draft adjudications over non-canonical bases and assert no conformance, installability or standards alignment." ] }